Michael Dorrell’s Stonepeak takes 75pc stake in IOR

The New York investment firm of richlister Michael Dorrell has taken a 75 per cent stake in one of the nation’s largest fuel and logistics providers.

Mike Dorrell is the chairman, CEO and co-founder of Stonepeak. Picture: Eric Johnston

The New York investment firm of richlister Michael Dorrell has taken a 75 per cent stake in one of the nation’s largest fuel and logistics providers.

Stonepeak has picked up a ­majority stake in IOR, which manages 110 truck refuelling stations across the country.

IOR has 7000 customers across Australia in transport, mining, oil and gas, agriculture, aviation and the construction sector who rely on the company for diesel, aviation fuel and AdBlue.

The deal forms part of Stonepeak’s plans to expand in infrastructure and energy investments across Asia, former Macquarie banker-turned-Stonepeak managing director Darren Keogh said.

“In IOR, Stonepeak is investing in essential fuel distribution as a critical input into the Australian economy,” he said, adding the firm typically looked for investments critical to supply chains.

IOR was “a compelling fit” and Stonepeak saw a major opportunity to grow the business, he said.

The IOR Petroleum depot in the Warwick Industrial Estate.

IOR was excited to bring on a “well-capitalised infrastructure investor,” its chief executive Drew Morland said.

“(Stonepeak had) deep expertise across the energy, transport and logistics sectors, and boots on the ground in Australia, where their strong ownership ties and local presence were critical to us in selecting our partner,” he said.

The deal comes just over a week after Stonepeak is understood to have ended competition from Williams and GIP to acquire a 40 per cent interest in Woodside’s Louisiana-based LNG Infrastructure, outlaying $5.7bn.

The firm has emerged several times in the last year in some of the nation’s largest infrastructure and energy deals.

In August, Stonepeak hired JPMorgan and Macquarie Capital to compete for a 40 per cent stake in Singapore Power’s $5bn Jemena energy business.

GIP fended off competition from Stonepeak with its $1.8bn offer but the sale later ground to a halt when China’s State Grid — which owns the remaining 60 per cent — entered the race.

Stonepeak is considered one of the most sought after private investment funds on Wall Street. It has 275 staff across several offices in the US as well as London, Hong Kong, Seoul, Singapore, Tokyo, Abu Dhabi and Sydney.

It was last valued at $US15bn when Blue Owl Capital Partners took a minority stake in it in 2023.

It has more than $US72bn in funds under management and counts some of the world’s biggest pension names as backers.

Its co-founder, Mr Dorrell, is now among Australia’s wealthiest, having debuted on the Rich List in March with an estimated $13.54bn fortune.

Originally published as Michael Dorrell’s Stonepeak takes 75pc stake in IOR